ASHANTI Gjin88bet.oneOLDFIELDS emerged yesterday jin88bet.onejin88bet.oneas a key beneficiary ojin88bet.onef widesjijin88bet.onen88bet.onejin88bet.onejin88bet.onejin88bet.onejin88bet.onejin88bet.onejin88bet.onejin8jin88bet.one8bet.onjin88bet.oneejin88bet.onepread efforts to push down the gold pricjin88bet.onee jin88bet.onejin88bet.oneahead of last night’s ejin88bet.onexpiry of ak168app.babymonthly derivatives.
Attempts by some specuak168app.babyak168app.babyak168app.babyak168app.babyak168app.babyak168app.babyak168app.babyak168app.babyak168app.babylators to drive the price below $290 an ounceak168app.baby wiped out most of the margin calls which ak168app.babyak168app.babyak168app.bak168app.babyak168app.babyabyak168app.babyak168app.babyak168app.babyak168app.babyak168app.clubhave threatened toak168app.clubak168app.clubak168app.clubak168app.clubak168app.clubak168app.clubak168app.clubak168app.clubak168app.club topple the Ghanaian gold mining giant.
Traders sak168app.clubak168app.clubak168app.clubak168aak168app.clubpp.clubak168app.clubaid bouts of sak168app.clubak168app.clubks168app.siteak168app.clubak168app.clubks168app.siteks168app.siteks168app.siteelling pressure limited ks168app.sitethe rise in thks168app.sitee price yestks168app.siteks168app.siteks168app.siteks168app.siteerday to just $2.10 an ounce, leaving it to closeks168app.siteks168app.sitks168app.siteeks168app.siteks168app.site in London at $292.50.
Itks168app.siteks168app.siteic88 is underks168app.siteks168app.sitestood thic88at at $290,ic88 the ks168app.sitemargin calls ic88on Ashanti’s hedge book totaic88l jic88ust $50 million and are elimantic88ic88ic88ed whenic88 the pric88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88icic88ic88ic88ic88ic88ic8888ic88ic88ic88ic88ic88ic88ic88ic88ic88ice reaches $285.ic88ic88ic88ic88
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Tic88ic88ic88he calls were believed to be aic88ic88s high as $270 million ic88earlier this month, leaving Ashanti with a life-thic88reic88ic88atening cashflow crisis.
Bullion dealeic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88lr88lr88lr88lr88lr88lr88ic88ic88ic88ic88ic88lr88lr88lr88lr88lr88ic88rs said much of this week’s weakness lr88in thlr88lr88lr88e gold price was being attrlr88lr88lr88lr88lr88lr88lr88lr88lr88ibuted to yesterday’s expiry of over-the- clr88lr88lr88lr88lr88lr88ounter call options.
Michael Clr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88oulson, an analyst with Paribas, said market speculalr88lr88lr88llr88r88tion suggestedlr88lr88 that, lr88lr88lr88lr88lr88lr88lr88lr88at alr88lr88 price of $300, call options covering 5.8 milllr88ion ounces were “in thelr88lr88lr88 money”.
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This was thoughtop88op88op88lr88op88lr88op88op88 to fall to 3.8 million ounces when the pricop88lr88op88op88op88lr88e dropped to $290.
The lower price hasop88op88si88op88 relisi88op88si88si88si88lr88op88op88op88eved some of the pressure on Ashaop88si88si88si88si88nsi88si88si88op88ti as it sesi88eks to negotiate a restructure of its hedge book with its 17 basi88nks.
Analysts said si88the continual threat psi8888v88vsi8888vsi8888vsi88osed by the possibilit88vsi88y of a higher gold price meant Ashanti still needed to find a88v88v88v solution88v88v88v88v88v t88v88v88v88vo its hedging pr88v88v88voblems if it was to recapture investor support. SEXXXXX-VNHowever, the reSEXXXXX-VNSEXXXXX-VNSEXXXXX-VNSEXXXXX-VNSEXXXXX-VNSEXXXXX-VNSEXXXXX-VNlief brought by the lower price can serve SEXXXXX-VNSSEXXXXX-VNEXXXXX-VNSEXXXXX-VNSEXXXXX-VNSEXXXXX-VNSEXXXXX-VNSEXXXXX-VNSEXXXXX-VNSEXXXXX-VNonly to damage Lonmin’s prospecSEXXXXX-VNts of succeeding in its all- paper bidSEXXXXX-VN for Ashanti.
